My Itunes library will not open becuase of being created with a newer version

I did create the library with a newer version of itunes, i did this so that i could drag songs from a folder i had on this computer earlier. Now it will not open. I need help quick cause i would love to be able to drag these songs over s they will be on my iphone. HELP!

Let me get this right...
You have an iTunes library which you are now trying to use with a version prior to one that you were using, correct? Why?
Why don't you use the most up-to-date version of iTunes?
If you try using version 10.0 (for example), then anything iTunes has sorted out using 10.5 will not be recognised by 10.0, which is why you get the message.  Apple's advice is to always use the most up-to-date version of iTunes.

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